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ceiling, which is that not everybody understand what the debt ceiling is about. the debt ceiling, raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay existing bills. it doesn't create new deficits. it doesn't create new spending. so not raising the debt ceiling is sort of like a family, which is trying to improve its credit rating sank i know how we can save money, we won't pay off credit card bills. not the most effective way to improve your credit rating. it was the very slow solution to the debt ceiling in august 2011 i got the u.s. downgraded last time. so it's very, very important that all these issues are important but it's very, very important that congress take necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mention it certainly went part way but it leaves another the issues still on the table, and additional negotiations and are looking. would you c
. and number two, i think it is fido, as the president said so clearly yesterday, that the debt ceiling essentially must not use to say what then that essentially takes on and essentially undoes the basic full faith and credit of the united states of america. the president made so clear what would he have staked if that were to happen and i just think it's so critical that not occur. you know, i've been through these battles as i've said for many decades, but i don't remember anyone essentially saying we should go over the cliff in terms of the full faith and credit of the united states. the consequences with teeth, i think, to not take, potentially cataclysmic. and for the republicans who essentially say, let's do it, i think that would be a very, very serious mistake with foreseeable consequences. the federal reserve has said don't do it and i think the responsible position is we should not flirt with it. >> said they don't march on me with torches that they start asking you questions. something cataclysmic shouldn't be done in terms of reaching the debt ceiling, yet does science seem
. as the president subsequently yesterday, the debt ceiling essentially must not be used as a weapon. it essentially takes on an is the basic full faith and credit of the united states of america. the president has made so clear what would be at stake if that were to happen. i just believe that it is so critical that that not occurred. you know, i have been through these battles for many decades. i don't remember anyone essentially saying we should go over the cliff. the consequences would be, i think, shamanic and potentially cataclysmic. for the republicans that say let's do it, i think i would be a mistake with foreseeable consequences. the federal reserve has said the responsible physician is we should not forget. >> the president says he's not going to talk about the debt ceiling, speaker boehner said it can be done unless we cut spending at the same time. what are the odds of avoiding going over the fiscal cliff given where both parties are. >> they are going with the american economy and the global economy. closer you get to the fiscal cliff, i think the less likely it is that the u.s. will b
, is unforgivable is the way to make these policies. second, you have the debt ceiling. it is a marketing tool the country hostage. we know there's going to be a fighter for the debt ceiling. in the past that feeling with a speed bump that reminded folks who are borrowing too much and needed to make changes. it could be a useful reminder. not because of sars are people really worry about the fate of the u.s. government and its economic damage, which is what we saw last time. the third piece, the fact government spending is going to expire in the triple witching hour of these issues is if this will close and is that going to force action of the hardest pieces still remaining for the fact that they still for all intents and purposes, it's good we didn't go to the fiscal cliff, good release revenue, but we basically did what we always do, which is punted the hard choices and try to declare bipartisan victory. it wasn't there. the question as to make make these next moments were set to getting us to really take on policies. and this is part of your question that will do it the necessary savings th
between now and the time we deal with the debt ceiling, that we may very well be able to meet the goal which we set out to do, which is to have roughly a $4 trillion cut over ten years, and in the long-term deficit and put us on that path. but i didn't come here to talk about any of those important subjects today because, as important as they all are, today we have a more urgent and immediate call, and that is how to deal with the epidemic of gun violence in america. you all know the statistics very well so i'm not going to repeat them. on that score, i might add, oui an incredible debt of gratitude to many of you at the head table as well as those of you in the room. i know we don't have absolutely unanimity in this ballroom, nor do we in anyway ballroom, but we all know, everyone acknowledges, we have to do something. we have to act. i hope we're all agreed that there's a need to respond to the carnage on our streets and in our schools. i hope we all agree that mass shootings like the ones we witnessed in newton 34 days ago, cannot continue to be tolerated. that tragedy in all my yea
raising the debt ceiling gives the government the ability to pay its existing bills. it doesn't create new deficit spending. so not raising the debt ceiling is sort of like a family that's trying to improve its credit rating. families that say, i know how we can save money, we won't pay her credit card bills. it was the sole solution to the debt ceiling in august of 2011 in the u.s. downgraded last time. so all these issues are important and it's very important that congress take necessary action to raise the debt ceiling to avoid a situation where government doesn't pay its bills. >> a number of people have expressed concern about how much of the challenges actually were addressed in a deal, it certainly went part way, but leaves a number of issues still on the table. would you care to raise that as an additional fiscal cliff that is facing us? would you think that it's not as concerning as it was when you raise that term initially? >> as i said the fiscal cliff, if it is allowed to take place, it probably would have traded a recession this year. a good bit of that has been a
know, i was thinking about it in a way that republicans threatening to use the debt ceiling relays everything and puts the perspective, i think, in the wrong place. i think it's a serious mistake for them to even think about that, and we were talking earlier about the articles this morning saying how dangerous it is to use the debt ceiling to essentially put the full faith and credit of this country in the real jeopardy so i am very concerned about the consequences from doing that or even threatening to do it immediately and, also, it really shifts the focus and instead of it being on the debt ceiling, including tax reform. >> host: okay. so tax reform doesn't happen in 2013. >> guest: it may not happen. >> host: may not happen. what's the impact of that? what's the implication? >> guest: i said all along it's important for us to look beyond the label tax reform. for example, we are urged early on tax reform to bring the rates down to 25% individual and corporate. without indicating how in the world you would do that, and some said, well, we can use the exemptions in the deductions
as they share their thoughts on entitlement reform, the e erasing of the debt ceiling -- the raising of the debt ceiling and sequestration. this is just getting underway. [applause] >> well, good morning. thank you, raymond. and thanks to all of you for making it through the snow drifts. glad you all arrived safely. one flake of snow, and washington closes down. well, we're very excited about the new year. our partnership with the chamber and this morning's program featuring senators kent conrad and judd gregg. before we start our program, i'd like to recognize our sponsors, bdo represented by david trimner. if bdo could, please, stand and be recognized. [applause] all right. the broadmoor remitted by hover -- represented by lori meacham. lori, if you could -- [applause] and ceo update whose editor-in-chief is recovering from a bad case of the flu, so she is not here. bdo is the leader in accounting and consultancy services for associations, the broadmoor is the number one resort property for associations looking for a five-star meeting experience. i've got great memories, i remember my first ex
debt ceiling which will come into play so we will be seeing a lot of activity the next few months about the appropriate size of the government and about the size of the deficit and a lot of back-and-forth over these issues. without going into all of the different ramifications i want to say a word about the debt ceiling which is not everybody understands what it's about. the debt ceiling which congress has to do periodically as gives the government money to pay its existing bills. it doesn't create new spending so it's like a family trying to improve its credit rating not the most effective way to improve the credit rating and was the slow solution to the debt ceiling in august of 2011 that of the u.s. downgraded last time brough so it's very important that congress take the necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills. estimate the number of people have expressed concern about how much of the challenges actually were addressed in the deal. as you mentioned is certainly went part way that leaves a number of issues still on th
to a break of the debt ceiling crisis in compromise was reached, retaining the half. we sat by focusing on the problem of congress whose popularity is at all-time lows. you can account for the 9% popularity by blood relatives and paid staffer. with that by on congress, we could diagnose the problem for how to overcome it. >> host: was one of those prescriptions? >> guest: one of those prescription is very simple, which is congressmen need to exercise leadership by putting aside the campaigning long enough to govern. and uncompromising mindset. in order to do that, they have to spend more time in washington, less time raising money and people say that's going to hurt them in the next election. what we sais politicians didn't enter politics just to be stand on principle. few people think politicians are attracted to politics because they were the most principled people in a population. they retracted because they want to govern. leadership takes relationships. we have this phrase, which is familiarity breeds the tom. it is no accident that ted kennedy and orrin hatch crafted compromises.
night at 8 on c-span's "q&a." >> next, a discussion on the debt ceiling and deficit reduction debate. this was part of a brookings institution forum on jobs and the economy. this panel is an hour or and 20 minutes -- an hour and 20 minutes. [inaudible conversations] >> all right. should we get started again? um, i'm either using that vision, or that clock is way off. but i'll use my watch. okay. so if everybody could come in from coffee and sit down, we'll get started on our second panel. and we're delighted to welcome a really terrific set of panelists, lew kaden, vice chair of citi, maya macguineas who is now involved in or leading the fix the debt campaign. bob mcdonald who is the ceo and president of procter & gamble, and ralph schlosstein who's the ceo of ever corp.. so really a terrific group. let me just give a little bit of context, at least while everyone's filing into the room. i'm martin baily with the economic studies program at brookings. if we cast our minds back to the 1960s, the 1960s, obviously b, was a troubled decade politically, but economically growth was pretty
and not do our job which is unforgivable as a way to make these policies. second, you have the debt ceiling. it is the wrong thing to hold the country hostage. it's also going to be a play we know there's could be a fight over the debt ceiling. in the past the debt ceiling reminded folks we were borrowing too much and we needed to make changes. it could be a useful reminder not if it goes as far as people really start to worry about in the u.s. government and economic damage which is what we saw last time. the third piece of the resolution the fact that government spending is going to expire and these three issues is another kind of fiscal cliff and the question is is it going to force action with the hardest pieces that are still remaining were the fact when it comes to the fiscal clef they still for all intensive purposes it's good we didn't go over the fiscal cliff, it's good we raise revenue, but we basically did what we always do in washington which is we punted all the hard choices and a sort of tried to declare a bipartisan victory. but it wasn't theirs of the question was what's goi
in the nation today. it's the only path forward. >> president obama nor congress and the debt ceiling? >> i would hope that it wouldn't come to that. but if it has to, then it must. you know, we can't let extremist put us into default and play chicken with the full faith and credit of the united states of america. that's what they are. people talk about this, and i have been watching the last two days -- when i hear that people say let's just go into the fall, i say this person is from another planet. this person is not from this planet are you the notion that we would do that boggles the mind and good common sense of the vast majority of americans. >> what is your perspective on america's melting pot being better reflected in small towns were rural america? what would civic leaders learn from that experience of small-town mayors. >> well, i think we are enriched. i know that i am. my kids have grown up and i tell people, you know, my kids have been in the homes of persians and iranians and armenians and koreans and filipinos and mexicans and italians and greeks and jews and muslims and we
was not rewarded. taking the debt ceiling hostage was not rewarded, calling the obama health care plan -- which was their own only a few years earlier -- socialism was not reward withed. rewarded. that means they have to begin to rethink themselves and, importantly, democrats will not automatically embrace the same tactics in opposition. so i think that was the important change that creates a new dynamic not that's going to solve our problems. there's going to be no sitting around the campfire in washington making nice to one another. but the possibility now exists for a real effort and a successful effort to deal with our most pressing problems. >> host: two familiar washington faces, thomas mann and norm ornstein. "it's even worse than it looks." this is booktv on c-span2. >> is there a nonfiction author or book you'd like to see featured on booktv? send us an e-mail at booktv@c-span.org or tweet us at twitter.com/booktv. >> host: and now joining us again on booktv is senator rand paul. his second book, "government bullies." senator, who are the bullies? >> guest: well, all throughout your go
, and what's on the agenda is devising some sort of house bill that would raise the debt ceiling and pair it with entitlement or other spending cuts. you know, there's differing theories about how long, you know, one or two years which is what the president talked about. we've heard a couple of months, we've heard four years. you know, but there's sort of a principle that they're using which is equal amount of deficit reduction for the amount the debt ceiling is raised. so if you're going to raise it by, you know, $3 or $4 trillion, we're talking about sort of massive reforms probably along the lines of the paul ryan budget which cut $5 trillion in spending. you'd see things like block granting of medicaid and food stamps and, you know, i don't think that they would put in what's called a voucher system or premium support system for medicare. that was, you know, pretty much trounced during the election. but we'll see. you need something with big numbers in order to -- [inaudible] more or less it's probably a smaller debt ceiling increase. and they also need to decide what to do about two
called on congress to raise the debt ceiling. he said the u.s. can avoid defaulting on its day. the dean and the university's ford school of public policy moderates this discussion. this is just over an hour. >> thank you very much. it is also my great pleasure to welcome all of you here today, and on the half of the gerald r. to ford school of public policy, the university of michigan is extremely honored to welcome the honorable ben bernanke, chairman of the board of governors of the federal reserve system. today's conversation is the latest in a series of distinguished lectures, "policy talks @ the ford school." we are so pleased that susan white could introduce today's event and we're also very pleased to have president mary sue coleman with us today, as was regions american nelson and power, who were already mentioned to you. we also have several of the university executive officers and deans. and i would like to welcome all of them to thank them for joining us today. while it's an honor and truly a personal pleasure for me to introduce our special guest, as the central bank of the
borrowing limit as soon as mid-february. so president obama will request congress to raise the debt ceiling once again. this is the fifth time the president has -- president obama has requested the debt limit be raised to allow the federal government to borrow and spend more money. but what is the point of even having a debt limit if congress simply extends the treasury's borrowing capacity each time the limit is reached? while some may say that it's irresponsible not to raise the debt limit, our nation finds itself at a point of such indebtedness that it is equally as irresponsible to extend the debt ceiling without significant reductions in federal spending. i voted against an increase to the debt limit two years ago and intend to vote against another increase unless we substantially change the way that government does business by reducing federal spending. in addition to it being alleged that it's irresponsible not to raise the debt ceiling, sometimes it's suggested that it's not compassionate to not spend money. where is the compassion in spending money that we don't have that's being b
a consensus on this in the political process that the debt ceiling has no rational place in this. the president addressed that yesterday, but the fact is playing russian roulette with the u.s. economy and the wellbeing of our population has no place in an honest debate about how much spending should be cut, how much investment should be made to address these broader economic and social deficit ands how to resolve this and get on to other parts of the national agenda. sooner or later, i think, the congress and the president will agree. you saw approaches to this in senator mcconnell's comments in the last couple of weeks and, obviously, in the president's that the key control is in the authorization and appropriation process, and the ability to pay those bills through either revenue sources or borrowing ought to be attached to the decision to spend, not used as a point of leverage in many broader and more or important negotiations. >> thank you, lew. can i just follow up, and i don't know if this is a little bit of a tan gent, but i think i just want to ask you because of your pos
it in a sense the opposite way. i say let's get this done, the sequestration part in the debt ceiling in the next six weeks and then move on. those who are saying let's do it dribble by turbo, they are the ones who would be undermining the effort to sit down and have a serious discussion of tax reform. >> we've got about two minutes left. francine. >> the question about itemize deductions. what s-sierra thought of having a cab, that people can use it for whatever they want for mark h., whatever. >> i think the problem with the cap is that it has to seriously consequence, especially for charitable contributions. because a substantial portion of the charitable contributions come from the very wealthy. ii think the figure may be something like well over half comes from people with income over a million. it may be more than not. so the problem with the cap is do it have anything significant consequences for charitable contributions and perhaps for state and local taxes. so i think a battery to look at places to look at the administration's proposal, but to do with caution and if possible
, the big fights over the budget and the dealt ceiling and deficit -- the debt ceiling, deficit reduction, also the bin laden raid and what happened in egypt and libya. and so i'm looking at how obama made the decisions he made and took -- why he took the actions he took in that very pear rillous time -- perilous time for him politically. but i also explained how this is all done in a way to set up the 2012 campaign that we just went through. he had a theory, after he took that big hit in 2010, he had a theory that he could make the 2012 race a choice not just between him and mitt romney, but a choice between different ideologies, different approaches to government, between different sets of visions and values. and everything he did, um n that time frame he kept trying to tether to this big idea he had about a choice. and when i wrote
republicans the week before any default triggered by refusing to lift the debt ceiling really would be the best outcome if we could stick together in weather the storm. i was convinced her deficits had become so severe that are national credit rating would be downgraded anyway and economy to to flounder. the shock therapy of the fall could be a thing that we can congress. unless we stick together, it made little sense for me are new members to mount it, cause he mission to delay the vote and force you to follow. >> guest: first of all, ask yourself the question, when was the last time the debt limit was not increased? so do we have a tip in made in country? the answer to that is the reason were in trouble because we essentially dull. every time i pass that lets you basic, they get a raise. we've never acted responsibly to trim the waste in government. but here's the other point i made. we are going to. and here's the debt unaware going to run into in a sweat "the debt bomb" is all about. there will come a time in the near future where people won't loan us money because their expecta
that is failing to agree on increasing the debt ceiling on time and prior to that preferably and reaching agreement on medium-term debt reduction. that i mentioned earlier. for the nonadvanced economies, and i'm putting together the emerging markets as well as the low income countries, clearly those countries are faring at a much better pace in terms of growth. but everywhere i've traveled in the last two months in africa, in latin america and in asia there's always been a concern about the unbalances and the lack of decisive action to address the advanced economies' crisis. so this spillover effect including in terms of confidence building are clear. and given those, this increasing interconnectedness -- particularly with certain markets -- reducing this uncertainty is going to be key to the health of the global economy and to a lot of those regions that are still very dynamic to continue to grow at a pace that is sustainable and necessary for the well being of their population. this is excessively too general because when you go down the list of the emerging market economies and the low
limit, previous congresses and handle the and whether the president and raise the debt ceiling without congressional approval. live coverage begins at 9:30 eastern on c-span3. >> from the very start, organize militaries have always spent a lot of their time fighting and conventional, your regular warfare. you know what? those terms don't make a heck of a lot of sense. that is one of the big take aways i had from doing six years of reading and research for this book. the way we think about this subject is all messed up. we think that somehow conventional warfare is the norm, the way you modify is to have conventional armies plugging it out in the open but the reality is those of always been the exception. think about more modern world. what was the last conventional war? this is a hard question to answer because it was the russian invasion of georgia in 2008 which didn't last very long and yet all over the world today there are people dying in war whether it is afghanistan or molly or syria or condo or me and our or colombia. all these people are victims being ravaged by unconventional
. and entitlement issues. icy it the opposite way. let's get this done, the sequestration part and debt ceiling in the next six weeks and then move on.
of as irresponsible to not raise the debt ceiling. in my view, it is irresponsible to raise the debt ceiling in the absence of changing the way that we do business here, starting with the approval of the budget. thought to be compassionate to spend money. how can it be compassionate to spend money that is not yours? and for our country to have growth and economic opportunity, there is no question but what the debt and deficit is a drag on that opportunity. we have a responsibility as american citizens to right this wrong. >> i serve on the senate budget committee, and i can tell you, the most disappointing part of having served your the last two years is relatively new member, we have not done a budget for this country in the senate. it is incredibly disappointing. the senate democrats have not been willing to do the budget will we are over $16 trillion in debt. no the talk about the fact that the ipad has come into existence during the nearly four years that we have not had a budget. i happen to have a five year-old son. and so nearly most of his lifetime we have not had a budget for this c
Search Results 0 to 24 of about 25